New Estimates of State and Local Government Tangible Capital and Net Investment

Measures of the state and local government capital stock and investment are necessary inputs into several areas of economic analysis, including the measurement of national wealth and its growth. We estimate net investment and depreciation of state and local government nonresidential capital. In aggregate, we estimate a net state and local nonresidential capital stock of $1.8 trillion in 1985, 17% larger than that estimated by the Bureau of Economic Analysis. Net state and local government investment has exceeded the state and local deficit annually for the last forty-five years. While the fraction of state and local purchase of goods and services devoted to net investment has fallen, it has exceeded federal government net capital formation except during defense buildups and has averaged more than 40% of private fixed nonresidential net investment since 1951. Similar comparisons reveal that the state and local government net capital stock substantially exceeds state and local debt, and is about twice the federal government capital stock.

New Estimates of Federal Government Tangible Capital and Net Investment

Government capital formation raises a number of issues important to national economic well-being, yet the U.S., unlike most advanced countries, does not account for capital in its formal budget documents. We estimate depreciation of government capital using a methodology developed by Hulten and Wykoff which is based on used asset price data. We estimate a federal government net nonresidential capital stock of over $800 billion in 1984, more than 20% higher than estimated by the BEA. We also find much larger net federal investment since World War II than the BEA. The behavior of military and civilian structures and equipment is also examined.We analyze the potential importance of these results for measuring the net national savings rate, national wealth, the trend in government capital formation relative to private capital formation, and the relationship between net investment and deficits.

New Estimates of the Value of Federal Mineral Rights and Land

We calculate a time series of the value of federal mineral rights in oil and natural gas by using various estimates of proven and unproven reserves and time series on federal government royalties and bonus payments. We also present estimates of the components of the revaluation of this series through time.The results are striking. Federal mineral rights are the single largest item in a complete balance sheet of the federal government, dominating the total value of tangible capital or financial assets. In 1981, for example, we estimate that the value of federal oil and gas rights exceeded $800 billion, which was larger than the privately held national debt. The paper also presents estimates of various confidence bounds on the value of oil and natural gas. The methodology can be extended to other minerals, although we have not done so; our estimate is a lower bound on the total value of all mineral rights.The paper also expands and extends previous estimates of the value of federal land. New data, and attention to the detailed decomposition of federal land holdings by type, lead to substantially larger estimates of the value of federal land than have been presented in previous research. Our estimate is that by 1981, the total value of federal land was$175 billion.

X chromosomes show relaxed selection and complete somatic dosage compensation across Timema stick insect species

Sex chromosomes have evolved repeatedly across the tree of life. As they are present in different copy numbers in males and females, they are expected to experience different selection pressures than the autosomes, with consequences including a faster rate of evolution, increased accumulation of sexually antagonistic alleles and the evolution of dosage compensation. Whether these consequences are general or linked to idiosyncrasies of specific taxa is not clear as relatively few taxa have been studied thus far. Here, we use whole-genome sequencing to identify and characterize the evolution of the X chromosome in five species of Timema stick insects with XX:X0 sex determination. The X chromosome had a similar size (approximately 12% of the genome) and gene content across all five species, suggesting that the X chromosome originated prior to the diversification of the genus. Genes on the X showed evidence of relaxed selection (elevated dN/dS) and a slower evolutionary rate (dN + dS) than genes on the autosomes, likely due to sex-biased mutation rates. Genes on the X also showed almost complete dosage compensation in somatic tissues (heads and legs), but dosage compensation was absent in the reproductive tracts. Contrary to prediction, sex-biased genes showed little enrichment on the X, suggesting that the advantage X-linkage provides to the accumulation of sexually antagonistic alleles is weak. Overall, we found the consequences of X-linkage on gene sequences and expression to be similar across Timema species, showing the characteristics of the X chromosome are surprisingly consistent over 30 million years of evolution